Bollywood actor arrested on Rs 500 crore chit fund scam case

BHUBANESWAR: Bollywood actor-producer Naseer Khan was on Tuesday arrested at Cuttack for his alleged involvement in the Balasore multi-crore chit fund scam. He was, however, released on bail later.

Mr Khan���s company, Fine Indian Sales has been charged with a Rs 500 crore chit fund scam that was unraveled only recently.

The crime branch sleuths arrested him when he was returning to airport at Bhubaneswar on his way to Mumbai after meeting his lawyer at Cuttack in connection with the case.

On a tip off, the crime branch personnel intercepted his car on the outskirt of Cuttack city and arrested him. He was taken to Lalbagh police station for interrogation. However, he was released following a bail order by the High Court.

Police sources said the crime branch had already registered a case against Mr Khan���s company Fine India Sales for diverting the money raised through chit fund and multi-level-marketing companies to produce the just released Hindi movie ���Shadow.���

Cases were also registered against six other chit fund companies, which lured the depositors with high rate of interest.

The investigating agency had initiated probe against these firms after some of the depositors filed complaints with the police alleging fraud perpetrated by these firms.